U.S. stocks are rallying Friday to trim their losses in what had been one of the market's roughest weeks of the year. The S&P 500 climbed 1.2% and was on track for its best day in six weeks after erasing an early drop.

Micron reported a strong set of financial results for its fiscal 2025 first quarter (ended Nov. 28) on Wednesday, Dec. 18, but its stock plunged 12% in after-hours trading. However, the Nasdaq-100 technology index sank 3.6% on the day, its second-worst drop in 2024 so far, so it was a bad day for the stock market overall.

The S&P 500 climbed 0.7% in morning trading after erasing an initial drop. The Dow Jones Industrial Average was up 311 points, or 0.7%, as of 10:40 a.m. Eastern time, while the Nasdaq composite gained 0.7%.